The Nightcap from SPAC Track
The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (January 20, 2021)
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The Stats:
The Deals:
1) Silver Spike Acquisition Corp II (SPKB: warrants -5.6%) & Eleusis
Founded in 2013, Eleusis is a life science company dedicated to transforming psychedelics into mainstream medicines, The company’s comprehensive discovery and development capabilities, together with the care delivery platform of Andala-managed clinics, are designed to target a broad spectrum of unmet needs within and beyond psychiatry.
News:
SCVX Signs Letter of Intent for a Business Combination
SCVX Corp. (SCVX), a publicly traded Special Purpose Acquisition Company , has announced today that it has entered into a non-binding letter of intent (“LOI”) for a business combination. The target company is a pioneer in the Environmental, Social, and Governance (ESG) space. Under the terms of the LOI, SCVX and the target company would become a combined entity, with the target company’s existing shareholders rolling over 100% of their equity into the combined public company.
In connection with executing the LOI, SCVX and the target company have secured initial non-binding investment indications of approximately $75 million in total from an institutional investor and certain strategic partners. Firm commitments from those investors, as well as any other investors, would be announced concurrently with the signing of a definitive agreement.
SCVX expects to announce additional details regarding the proposed business combination when a definitive agreement is executed, which is expected later in Q1’2022 and with a closing anticipated in Q3’2022.
No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all.
Merger Votes/ Completions:
Vistas Media Acquisition Company (VMAC) releases merger vote and redemption results for its previously approved merger with Anghami
9.8M shares were redeemed or an estimated ~98% of the public SPAC shares
Core Scientific (CORZ) completed its merger with Power & Digital Infrastructure Acquisition Corp. (XPDI) and began trading as CORZ today.
CORZ released redemption results: 12.3M shares were redeemed or an estimated ~36% of the public SPAC shares
Trebia Acquisition Corp. (TREB) shareholders approved its merger with System1. The ticker will change to SST upon closing
Quick News:
2 SPACs withdrew their IPOs today (formally withdrew S-1):
Rocket Lab USA (RKLB) announces extension for warrant redemption to 1/31
IPOs*:
1) HCM Acquisition Corp Announces Pricing of $250 Million Initial Public Offering (HCMA-U)
2) KnightSwan Acquisition Corporation Announces Pricing of $200 Million Initial Public Offering (KNSW-U)
3) Heartland Media Acquisition Corp. Announces Pricing of $175 Million Initial Public Offering (HMA-U)
*Announced priced as of this writing
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S-4 Activity:
Pro subscriber content only
Tracking De-SPAC S-1s (including PIPE resale registrations):
Pro subscriber content only
New S-1s:
1) Kensington Capital Acquisition Corp. IV (KCAC)
$200M, One Class 1 W, One Class 2 Warrant
Class 2 warrants will remain attached to shares until closing
Focus: Global automotive
Management:
Dieter Zetsche (Former CEO of Daimler and former Head of Mercedes-Benz Cars, and Former CEO of Chrysler Group)
Directors:
Thomas LaSorda (Former CEO of Chrysler)
Matthew Simoncini (Former CEO of Lear and Director of Luminar Technologies)
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, Earnings, and Expected Ticker Changes
See the full calendar here.
The Pro edition of the Nightcap newsletter is sent to SPAC Track Pro subscribers and includes: deal details, S-1 registration details, S-4 merger filing updates, post-closing S-1 updates (incl. PIPE share registrations), and quick links to investor presentations, press releases, and relevant filings.
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